UniCredit rebounds on ruble rally, Russia RWA cut

Strengthening profile of Russian operations added 62bp to the bank’s CET1 ratio in Q2

A recovering ruble and a cut in exposures lifted profitability at UniCredit’s Russia operations in the second quarter, bolstering the group’s capital and staving off the worst prospects for its investments in the sanctions-battered country.

The bank’s Common Equity Tier 1 (CET1) ratio rose by 173 basis points to 15.73% in the quarter, 62bp of which stemmed from Russia-related developments.

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A rally in the value of the ruble against the euro added 18bp to the ratio, while lower risk

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